Giving some relief to the consumers after successive hikes, oil marketing companies (OMCs) have slashed prices of petrol and diesel by 74 paise and Rs 1.30 per litre respectively, to align the domestic rates of the fuels with global benchmarks. The new rates announced were effective from midnight April15/April 16.
With this reduction petrol in the national capital will cost Rs 61.13 per litre against Rs61.87 earlier, while diesel will retail at Rs 48.01 per litre against Rs 49.31 per litre earlier. Further, in Mumbai petrol will cost, Rs65.63 a litre, Rs64.90 a litre in Kolkata and Rs60.58 a litre in Chennai and Diesel will cost Rs53.49 a litre in Mumbai, Rs50.48 a litre in Kolkata and Rs48.76 a litre in Chennai.
The cut comes after two previous hikes in pterol of Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4 and four straight increases in diesel prices. Diesel price was last hiked on April 4 by Rs 0.98 a litre and three previous increases totaled Rs 3.65 per litre. The government on five occasions since November has raised excise duty on the two auto fuels.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight. The revision was due last week, but the retailers chose to defer it by a day.